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Directions: Apply the Knowledge You Have Gained from Chapter 13

question 9

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Directions: Apply the knowledge you have gained from Chapter 13 to answer the following questions. Which is the correct MLA format for a web article in the Source list?


Definitions:

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the weighted average cost of all goods available for sale.

First-In, First-Out

An inventory valuation method where the cost of the earliest goods purchased are the first to be recognized in determining cost of goods sold.

Last-In, First-Out

An inventory valuation method where the costs of the most recently acquired items are the first to be expensed.

LIFO

An inventory cost methodology assuming the most recently added items to the inventory are sold first, short for "Last-In, First-Out."

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